Michigan State is an attractive place to live, with the cost of renting a two bedroom apartment much lower than the US average at only $1,100. It also has a lower grocery cost index than the US as a whole, making it a great place to save money on everyday items. Michigan State is home to many large companies, including General Motors Company and Ford Motor Company. Other local businesses such as Kellogg Company and Dow Chemical also operate in the state. With its lower costs of living and strong economy, Michigan State is an ideal location for both families and individuals looking to make a life for themselves.
Michigan has an unemployment rate of 5.2%. The US average is 6.0%.
Michigan has seen the job market decrease by -8.1% over the last year. Future job growth over the next ten years is predicted to be 32.5%, which is lower than the US average of 33.5%.
Tax Rates for Michigan
- The Sales Tax Rate for Michigan is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Michigan is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Michigan
- The average income of a Michigan resident is $34,768 a year. The US average is $37,638 a year.
- The Median household income of a Michigan resident is $63,202 a year. The US average is $69,021 a year.